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OVL net profit jump tenfold at INR 1,384 crore for H1 of current fiscal

Gasoil News - Published on Fri, 16 Nov 2018

Image Source: ET EnergyWorld
ONGC Videsh Ltd (OVL), the overseas arm of state-owned petroleum explorer Oil and Natural Gas Corporation (ONGC), announced its consolidated net profit for the first half of the current financial year (Apr-September 2018) jump ten times on the back of higher volumes and prices and exchange variation. The company posted a net profit of INR 1,384 crore for the six months period ended September on a consolidated basis as compared to INR 142 crore in the corresponding period last fiscal. OVL’s income from operations during the period also rose 59 per cent to INR 7,579 crore from INR 4,756 crore reported in the corresponding period last financial year. The company said in a statement its consolidated production increased 1.4 per cent to 7.111 Million Tonne of Oil Equivalent (Mtoe) in the April-September period as against 7.013 Mmtoe recorded in the same period last year.

The statement said that “Standalone and consolidated production of crude oil and oil equivalent of gas together during H1 FY19 was higher by 8.8 per cent and 1.4 per cent respectively as compared to H1 FY18 mainly due to increased production from Sakhalin-1, Russia and addition of production of Lower Zakum Concession, UAE acquired in March 2018.”

The oil and gas producer said the output from Greater Pioneer Operating Company (GPOC) in South Sudan resumed operation after prolonged shutdown since December 2013 and pumped the field’s first crude oil on 25 August. The field is currently producing 15,000 barrels per day of crude oil.

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Posted By : Joykumar Irom on Fri, 16 Nov 2018
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